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Tag: Cybersecurity

Bleckwen raises $10m and appoints David Christie as CEO

26th June 2019

Bleckwen, a provider of real-time analytics software for fraud detection & prevention in payments, has come out of stealth to announce a $10 million first funding round, led by Ring Capital, a Paris-based venture capital firm. Bleckwen recently spun-off from Ercom, the French cybersecurity firm. Existing investors, including TempoCap, Bpifrance and Ineo also participated in the funding round, alongside senior management.

Sector: Technology, Data

London, 26th June 2019 Bleckwen, a provider of real-time analytics software for fraud detection & prevention in payments, has come out of stealth to announce a $10 million first funding round. The funding will be used to support Bleckwen’s international expansion and the continued development of the company’s exciting software capabilities in AI-based fraud detection. The company’s expertise is strategically focused on the wider anti-money laundering (AML) and counter-terrorism financing (CTF) context. Bleckwen recently spun-off from Ercom, the French cybersecurity firm. The round was led by Ring Capital, a Paris-based venture capital firm and existing investors, including TempoCap, Bpifrance and Ineo, alongside senior management. Built with banks, for banks, Bleckwen’s real-time, dynamic behavioural analytics & explainable AI-engine is well placed to detect the surging fraud threats in payments, such as authorised push payment fraud or the “human hack” which is growing by circa 60% year-on-year, driven by the surge in real-time payment networks globally. The platform also protects banks from the emergent risks of open banking under PSD2, where banks will no longer have full control of the end-to-end user experience and security perimeter, presenting a completely new threat dimension. Over the last year, the company has also strengthened its management team with the hire of David Christie, a 20-year veteran in financial services, previously the COO of Euronet’s money transfer business, which included the brands Ria, HiFX and XE. David is also Chairman of VitessePSP and investor in Shieldpay, bringing with him a wealth of experience implementing and operating both fraud and AML systems in payment businesses. David is also joined by Matt Knowles, who was recently appointed Chairman of Bleckwen. Matt was previously CEO of HiFX, and together he and David successfully scaled HiFX into a world leading international payments company prior to its successful sale to Euronet. David Christie, Bleckwen's CEO, commented: "Nearly $4 trillion is stolen and laundered through banks annually - circa 3% of global GDP. Existing technologies are just not cutting it in the fight against this scourge of society. Something else needs to be done and at Bleckwen, we have made tremendous progress over the last two years as part of the Ercom Group, developing solutions to bring the fight to these criminals.” “This fundraising is confirmation of our ‘scale-up readiness’ and the support from Ring Capital and our existing investors is testament to our expertise in productising class-leading AI-based analytics in the fight against financial crime for banks. Using Bleckwen’s software, we are seeing false positive ratios drop by over 95%, the time taken to resolve alerts fall by over 50%, and a reduction in fraud loss ratios by over 60% - as compared with incumbent legacy-based rules systems.” “Working very closely with our customers, which include a tier-1 global bank, we have developed a market-leading, payment-type agnostic, real-time capability to meet their fraud detection and prevention requirements at industrial scale. Bleckwen’s software can also dynamically adapt to ever-changing customer behaviours and profiles. We have also significantly strengthened our senior management team and operational infrastructure and will be opening offices in the UK and the US in 2019.” Matt Knowles, TempoCap Partner and Bleckwen Chairman, commented: “Having co-founded and scaled an international payments company that processed $20 billion annually, I have extensive real-world experience of the challenges faced by both fintechs and banks in of the domain of fraud detection and AML. I have been deeply impressed by Bleckwen’s advanced use of machine learning technology to radically increase fraud detection over current solutions, but, as importantly, substantially reduce the volume of false positives (which build friction and cost into the customer journey). We see significant potential to commercialise this technology across banks, fintechs & other multi-national enterprises to help combat fraud and AML risk across all payment types.” Nicolas Celier, co-founder of Ring capital, commented: “Bleckwen has appeared to us as the unique combination of state-of-the-art AI technology, built by a leading French data team, together with top international management with a solid track record of scaling up Fintech companies worldwide. Ring knew Bleckwen before the spin-off and has contributed to design this deal in order to help Bleckwen grow and scale.” Thierry Sommelet, Managing Director at Bpifrance Growth Capital - Head of Technology, Media, Telecom, said: “Bleckwen is uniquely positioned to help the fast-moving payments ecosystem improve clients’ protection and transaction efficiency, thanks to a leading-edge AI technology and experienced management. We are very happy to see David Christie and Matt Knowles join this adventure, as well as Ring Capital. We are confident that they will collectively thrive in driving the company on its new phase of growth.” Bleckwen was recently awarded Fintech of the year at the EBAday 2019, an event run by the Euro Banking Association – an expert-led forum for the European payments industry with nearly 200 member banks. Selected out of a category of 16 other finalists, the company received the prestigious award based on the innovative and dynamic nature of its market-leading AI-powered platform.

EfficientIP Brings Cloud Orchestration and Security innovations to the Masses with SOLIDserver 6.0.1

30th June 2017

More secure than many of the world's largest organisations for a fraction of the cost

Sector: Technology

EfficientIP, TempoCap portfolio company and a leading provider of ground-level strategic network services, the smart combination of DNS, DHCP and IP Address Management, today announced the availability of SOLIDserver 6.0.1, extending its leadership in DNS Security, DDI cloud and DDI orchestration solutions. For the first time, enterprise-levels of sophistication are available to mid-size companies for IT layers many of their larger rivals ignore at their peril. To stay ahead of the ever-evolving cybersecurity landscape, organizations are looking to implement innovative, bestof-breed solutions which can keep pace with the latest trends in cloud and virtualization, keeping their networks efficient, error-free and delivering maximum ROI. SOLIDserver DDI virtual appliance runs on all major virtualization solutions available on the market, including VMware, Microsoft Hyper-V and OpenStack. Now it has been extended to run in public cloud environments as well: Amazon's AWS, Microsoft's Azure and the Google Cloud. In addition, running SOLIDserver reduces costs by distributing DNSDHCP and IPAM services enabling faster deployment of services. SOLIDserver 6.0.1 seamlessly integrates with leading Orchestrators, like vRrealize, HP OO and Terraform, to automate workflow provisioning. This makes for fast and easy deployments according to specific DDI management policies, IP resources ready to adapt rapidly to changing business demands and reduces the risk of errors caused by the repetition of manual tasks. Another less obvious benefit orchestrator integration brings is global visibility across the entire network. Configuration of EfficientIP's powerful DNS security solution, DNS Guardian, has been made even easier via GUI access. Innovating to strengthen the fight against cybersecurity, new analytical and reporting capabilities have been introduced. A more precise view of DNS traffic allows rapid analysis of trends and anomalies. Real-time traffic analysis allows detailed investigation of anomalies and hence efficient remediation. David Williamson, CEO of EfficientIP, said, "The transfer of advanced technology is what EfficientIP is about. These days every organization, large to small need safer and lower cost networks. As with F1, cutting edge tech filters down to become the state-of-the-art and eventually the industry standard. This latest version of SOLIDserver brings the tech which literally protects world-class telcos into the reach of tomorrow's leaders. There is no longer an excuse to buy anything but the best. " Additional new SOLIDserver 6.0.1 functions, features and benefits include:
  • New Interactive Charts - improving user experience and information quality
  • Analytics Tools for DNS Guardian - mitigating effectively all cybersecurity attacks
  • High Performance Query Logging - offering unequalled detection of security threats
  • Embedded System Supervision - providing unified supervision of DDI infrastructure via GUI
  • DDI Orchestration - enabling fast, easy, error-free deployments, with global visibility
  • SOLIDserver in the Cloud - ensuring business continuity & cost-reduction potential
  • Discovery of VRF(s) - offering enhanced visibility of MSPL network
  About EfficientIP EfficientIP helps organizations drive business efficiency through agile, secure and reliable network infrastructures. Our unified management framework for DNS-DHCP-IPAM (DDI) and network configurations ensures end-to-end visibility, consistency control and advanced automation. Additionally, our unique 360° DNS security solution protects data confidentiality and application access from anywhere at any time. Companies rely on us to help control the risks and reduce the complexity of challenges they face with modern key IT initiatives such as cloud applications, virtualization, and mobility. Institutions across a variety of industries and government sectors worldwide rely on our offerings to assure business continuity, reduce operating costs and increase the management efficiency of their network and security teams. For further information.